In The Automotive Industry Is Price Elasticity Of Demand Considered Elastic Or Inelastic?
I am doing research for one of my classes.
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The demand for a good is inelastic when the quantity demanded does not change with the price. Those goods and services which have no substitutes have inelastic price demand.
Hence for the automobile industry where there is no substitute for cars, the price elasticity of demand is Inelastic
Hence for the automobile industry where there is no substitute for cars, the price elasticity of demand is Inelastic
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